Derek LoweSlide link here. Photo links here, here and here.
The Fed has picked such a bizarre and convoluted strategy that it is difficult for markets to predict which way the economy will go. Under interest rate pegging, NGDP can either fall or rise at an accelerating rate, depending on tiny differences in initial conditions. (Think about those saddle-point graphs you studied in math.) Fortunately, they only committed to this idiotic policy for two years, and hence it’s unlikely we’ll see explosive moves in either direction. But it would have been much simpler if the Fed has just TOLD US WHERE IT WANTS TO GO.--Scott Sumner
... the architecture of the military has become increasingly computer-based, with online communications, information storage, and other essential components that use cyberspace, or can be disrupted through attacks from cyberspace. Countries at war would gain an enormous military advantage if they could shut down the computer-networks of their adversaries for even a few hours.--Gary Becker
LOLITA C. BALDOR
I never knew an admiral I respected more as a man than a second class petty officer SEAL. I believed that if I had played the game the way it was meant to be played, and caught a few lucky breaks, I might have made flag rank. I know that I do not have now, and never did have, what it takes to be a Navy SEAL. The selection process is rigorous, the training syllabus withering. You may think you have what it makes to be a member of the teams. But if the instructional staff has doubts about your intelligence, your dedication, your ability to work as a member of a team, your physical stamina and endurance, you are done. There is no court of secondary appeal. And when they have decided that you do not have what it takes to make the grade, to fight alongside their beloved brothers in arms, you will leave thinking it was your decision. You will ring the bell and be grateful. For those few who make the cut, those who get to wear the Budweiser, the real challenges are yet to come. The challenge now is not to make the cut, it is not to grasp the intricacies of advanced training. The challenge is to go to places so utterly foreign, and fight foes so thoroughly implacable that to take the mission is to willingly part with all that you have, and all that you love, and place everything in the balance in a desperate gamble.--Neptunus Lex
For those who know, no explanation is necessary. For those who don’t, no explanation is possible.--unnamed TOPGUN instructor